CalSTRS reported higher investment returns this week, but the teachers’ pension system continues to grapple with an enormous long-term funding shortfall.

The system said this week it earned a 13.45 percent return in calendar 2012, well above CalSTRS’ official forecast of 7.5 percent.

The results reflect a significant uptick in the financial markets in the second half of the year. In the most recent fiscal year, the 12 months that ended last June 30, CalSTRS earned a mere 1.8 percent return.

However, the gains from 2012 won’t begin to erase the fundamental woe about which the California State Teachers’ Retirement System has been warning lawmakers for several years: a funding gap measured at $64 billion.